10 Apr 2014
EUR/JPY testing 141.50 offers ahead of Tokyo
FXStreet (Bali) - After a strong bounce off 140.00 zone, EUR/JPY is extending to the upside ahead of Tokyo open, hitting a high of 141.47 on broad-based Yen weakness.
According to Valeria Bednarik, Chief Analyst at FXStreet, "the hourly chart shows indicators posting shy recoveries above their midlines albeit 100 SMA maintains a strong bearish slope above current price, now offering dynamic resistance around 141.50."
"In the 4h chart however, the pair maintains a negative dominance, with price well below its moving averages, and indicators retracing from below their midlines. Further advances beyond mentioned 141.50 area required to confirm an upward continuation in the pair, to shake off yen strength", Valeria added.
According to Valeria Bednarik, Chief Analyst at FXStreet, "the hourly chart shows indicators posting shy recoveries above their midlines albeit 100 SMA maintains a strong bearish slope above current price, now offering dynamic resistance around 141.50."
"In the 4h chart however, the pair maintains a negative dominance, with price well below its moving averages, and indicators retracing from below their midlines. Further advances beyond mentioned 141.50 area required to confirm an upward continuation in the pair, to shake off yen strength", Valeria added.